Daily Pivots: (S1) 1.2262; (P) 1.2353; (R1) 1.2457; More…
GBP/USD’s rally is still in progress and intraday bias stays on the upside. Current rise from 1.0351 is targeting 1.2759 medium term fibonacci level next. However, on the downside, break of 1.2205 will indicate short term topping, and turn bias back to the downside for deeper pull back.
In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.
